Sunday, October 1, 2023

Maker Founder Proposed Synthetic ETH In “Endgame Plan”

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The Maker founder proposed a synthetic ETH in its “endgame plan” as Rune Christensen envisioned the final form of the governance that includes MetaDAO so let’s read more today in our latest cryptocurrency news today.

The Maker founder Rune Christensen issued a new monumental proposal to push the project into its final form called the “Endgame Plan.” Across 3000 words that included 35 detailed infographics, Christensen explained that the new model of governance of Maker will create a deadlock and makes it hard for the protocol to process complicated and real-world financial deals and compromise the competitiveness with the financial institutions.

Central to his plan is the formation of MetaDAO is designed to tackle specific governance issues in the Maker ecosystem and alleviate congestion in the slow decision-making process that exists now. Each MetaDAO can be thought of as the subsection of the MakerDAO that will issue its own token and be governed by Maker participants interested in its goals. Maker is a smart contract lending platform that issues DAI stablecoins that use Ether as collateral. The foundation held responsibility for the governance but the DAO took over last year.

He feels that Maker’s complexity gives the ability to pounce on the best opportunities with the use of MetaDAO will help the protocol focus on the abilities into smaller and manageable parts and wrote that the de-risked MetaDAO could become much simpler than today creating a best of both worlds:

“MetaDAOs also allow Maker to overcome the single-threaded nature of the current governance process, and let many separate MetaDAOs prioritize and execute in parallel with almost unlimited potential for scale and autonomy.”

The first MetaDAO that will be formed is M0, a CreatorDAO to look for opportunities for profit outside of Maker and take on some of Maker’s excess complexity so M0 will issue MZR governance tokens via a fair launch and yield farming.  Christensen proposed Maker launch of a synthetic ETH called MATH and take advantage of the Merge and generate more revenue with low initial costs:

“The lowest hanging fruit of the Endgame Plan Launch is the acceleration of the existing roadmap milestone to quickly launch a simplified version of Synthetic ETH.”

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